‘Early days’ as Suncorp considers all offers for bank division
Suncorp will “carefully consider” formal offers for its banking and wealth management operations after the company received several approaches by interested parties.
A spokesman told insuranceNEWS.com.au the Suncorp board will consider all approaches in line with the company’s duty to shareholders, customers and employees.
“It is very early days,” she said. “They are just preliminary approaches, and they may or may not lead to a formal approach.
“We will keep the market informed if this results in any formal agreement proposals.”
The Commonwealth Bank has already confirmed its interest in acquiring the bank, and has confirmed that “high level, exploratory discussions have been conducted with Suncorp”.
The Suncorp spokesman says developments on the bank and fund management side “do not relate in any way” to the company’s personal and commercial insurance divisions.
Meanwhile, ratings agency Standard and Poor’s has placed Suncorp’s A+ rating on CreditWatch depending on the outcome of negotiations. The group’s insurance operations are included in that rating.
A spokesman told insuranceNEWS.com.au the Suncorp board will consider all approaches in line with the company’s duty to shareholders, customers and employees.
“It is very early days,” she said. “They are just preliminary approaches, and they may or may not lead to a formal approach.
“We will keep the market informed if this results in any formal agreement proposals.”
The Commonwealth Bank has already confirmed its interest in acquiring the bank, and has confirmed that “high level, exploratory discussions have been conducted with Suncorp”.
The Suncorp spokesman says developments on the bank and fund management side “do not relate in any way” to the company’s personal and commercial insurance divisions.
Meanwhile, ratings agency Standard and Poor’s has placed Suncorp’s A+ rating on CreditWatch depending on the outcome of negotiations. The group’s insurance operations are included in that rating.